Dave Portnoy thinks it’s time up with crypto after losing some money.
The founder of Barstool Sports has quit Bitcoin trading after joining recently. It appears he is not mentally prepared for the price fluctuations.
Portnoy posted a video on Aug 21 in which he said: “I’m getting killed right now in Bitcoin.” Portnoy has lost more than what he gained since he started Bitcoin trading and it appears he is not ready for the mood swings. He, however, blamed his poor performance on lack of time dedicated to trading.
He also appears not to be doing well with Chainlink (LINK). Portnoy disagrees with LINK marines who advocate buying more LINKS because he sees that “Everyone is just selling it.” He even said he is yet to sell a LINK meaning that he has recorded some losses too since the market is actually selling and not buying:
“I don’t need this, I know how the stock market works. I own the stock market. This Bitcoin — I don’t trust this market at all. I may be out of it by the end of today, and never come back. If Bitcoin people want to keep my money, you better get Bitcoin up today, or else I’m f****** out.”
Towards the evening of Aug 21, Portnoy left the BTC market with a loss of $25K. Several people have reacted to his departure from the BTC market saying he did not do well to leave so early.
Portnoy is obviously better in stock trading than in crypto trading. His prowess in the stock market fetched him the nick name, “Davey Day Trader.” Few days ago, he began to nurse the idea of venturing into the crypto environment so he invited Gemini founders, Tyler and Cameron Winklevoss, to his house. It was on that day he started trading cryptocurrencies with $250,000.
Not long after, Portnoy has discovered that by not selling when the market is selling, or buying when it is right to buy, one can make huge losses. On Aug 18, Portnoy thought he was already so good at BTC trading when he raked in $98K. With such an amount of profit made in a few days, he began to aim for more and he lost terribly.